BNB Beacon Chain Upcoming Upgrade Will Feature Panic Button to Enhance Security

Jimmy Aki
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Binance-owned BNB chain has revealed its upcoming “ZhangHeng” upgrade, which will incorporate a versatile functionality for developers.

This new feature will allow them to pause block production based on specific conditions.

New Mainnet Features Aim to Mitigate Cross-Chain Bridge Exploits

On June 12, BNB Chain announced its preparation to launch its ZhangHeng hardfork update scheduled for July 19.

The significant upgrade aims to enhance the overall security of the blockchain ecosystem through intrinsic features.

One of the most anticipated upgrades to the BNB chain is an emergency pause option to stop block production.

According to the BNB public release, the ZhangHeng hardfork upgrade will occur at a staggering block height of 328,088,888.

In line with the Binance Evolution Proposal BEP-225, the mainnet upgrade aims to establish asset reconciliation.

Crypto analysts believe that one of the key strategies the Binance blockchain can employ is to mitigate the negative impacts of exploitations on the cross-chain bridge.

The development team of the BNB chain stated that some improvements had been made to tighten cross-chain security, such as BEB171, while the security of digital assets on the BNB Beacon Chain is guaranteed.

Under the BEP-225, all modifications in user balance from one block to another are monitored and reconciled for suspicious activity detection.

When reconciliation errors are spotted, the blockchain network will panic and stop producing new blocks.

Another notable improvement the ZhangHeng addresses is the prevention of “Rogue Key Attacks.”

This security challenge occurs when a hacker produces a valid aggregate signature for several transactions instead of the true owner of the private keys.

To fix this issue, all existing vote addresses will be cleared up and require validators to add vote addresses again, which is a more effective verification to prevent exploits.

The BNB Beacon Chain anticipated hardfork release would also improve logic and business rules that are increasingly complex.

Validators must upgrade to version v0.10.16 before the hardfork for a smooth transition. This will enable nodes to process new blocks after the hardfork upgrade.

However, $BNB token holders that use the Binance trading platform and other centralized exchanges or cold wallets are not required to take action.

Blockchain experts believe the Binance ecosystem is experiencing a burgeoning growth that will scale massive adoption rates to the roof.

Recently, the BNB Chain launched opBNB, a versatile layer-2 scaling solution based on Optimism’s OP Stack.

The new protocol will be compatible with Ethereum Virtual Machine (EVM). This means that developers on Binance can execute and utilize Ethereum tools to write and build smart contract codes quickly.

$BNB Price Outlook

The news of an upcoming upgrade to the BNB chain is positive news for the evolution of blockchain and the potential growth of the $BNB market.

However, the current market situation tells a different story. At press time, $BNB trades at $246 per token, indicating a downtrend of 0.50% in the last 24 hours.

BNB graph 7/13/23

Although it may seem like the $BNB market is in a red zone, crypto analysts believe the upcoming ZhangHeng upgrade will shoot the altcoin to new gains.

Technical analysis also indicates a gradual growth transition in $BNB. The altcoin trades below the 50-day and 200-day simple moving average (SMA) of $259.79 and $295.02, respectively.

However, $BNB finds resistance as it trades above the 5-day and 10-day exponential moving averages (EMA) of $244.14 and $241.83, respectively, signaling a new push to a bull sentiment.

The relative strength index (RSI) sits at 50.48, a massive push from its initial 44.65 mark. This indicates a move to the overbought zone, often propelling price increases.

With over $487.7 million in trading volume recorded in the past 24 hours, $BNB continues to attract high interest from global participants.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.